New Draft Available

After a long period of selince I am here again. The result of the heavy workload on me in the last few weeks is the very first Hungarian draft for my paper intended to be the contribution to EBR’s special issue on the methodology of modern macroeconomics, entitled ‘Some Methodological Aspects of the Controversy between the Main Stream and Institutional Economics’.

The text written in Hungarian can be found here.

Session at is here. Joining the debate and any comments are warmly welcome.

The English version is going to be available in few weeks’ time.




Mini-Conference on the Nobel-Laureates of 2016

Economic Committee of the Hungarian Academy of Sciences led by Prof. Laszlo Muraközy are organizing a mini-conference in honour of the Nobel-laureates of 2016, Prof. Oliver Hart and Prof. Bengt Holmström. Since insitutional economics is a particularly strong movement in Hungary, presentations are going to be full of laudatory remarks and give a supportive account of the developments in contract theory. Special attention is going to be paid to the broader context, i.e. the interplay between contract theory and other currents in the institutional movement on the one hand and to the relationship between the main stream and institutional economics on the other hand. Because of the latter I am keenly interested in the event. I will get back with a short summary in time.

Here is the Facebook event.

Here is some additional information about the Nobel-prize in economics, 2016.

To my students attending the event is warmly recommended.


EIPE 20th Anniversary Conference in Rotterdam

“Many thanks again for your submission to the conference on the occasion of EIPE’s 20th birthday.

We are happy to let you know that your abstract has been accepted for a presentation at the parallel sessions of the conference. The parallel sessions take place on the afternoon of March 22 and throughout March 23 and 24. We will be in touch very soon as to the detailed schedule of the programme.”

Erasmus Institute for Philosophy and Economics (EIPE) celebrate its 20th birthday with an international conference on the philosophy of economics on 22-24 March, 2017. EIPE is one of the leading research institutions in the world, so it is going to be an outstanding event. It is enough to have a look at the list of the names in Programme Committee to realize that all the greatest methodologists and philosophists are expected to take part in the event.

My lecture “Instrumentalism and Realism in Contemporary Macroeconomics – The Assumptions Issue, Again” is on schedule. I have already registered and for the time being I am waiting for the detaild program to get to know which day my lecture is going to be given on. To be honest, I can hardly wait to get to Rotterdam. I will try to do my best to attend as many lectures as possible, to take as many photos as possible and to give account of the whole conference and the most important presentations. Big questions are going to be re-opened and discussed in detail so the conference cannot but be a memorable event.


New Books in Economics (Febr. 2017)

From the books published very recently one item deserves special attention. This is Prof. Anthony Elson‘s The Global Financial Crisis in Retrospect.

Maintream economics as a whole and especially business-cycle models are often blamed for having failed to predict the financial crisis of 2008-2009. Even though highly abstract mainstream business-cycyle models can hardly be set the task of predicting a financal meltdown (a global crisis is a far cry from business-cycles), every economist must be able to give an account of the latest crisis. Prof. Elson’s outstanding book is both a great source of the possible explanations and a tesaurus of historical facts. This book is a great mixture of facts and scholarly interpretation. For me personally it is one of the great advantages of this book that the author does not make attempts to throw mainstream theory away, no matter how much populraity he could gain from critizicing the reigning paradigm. Instead, he gives a careful analysis on the possible place and role of mainstream economics in creating greater financial stability in the future.

The book being a great example of a parallel interest in institutional analysis and mainstream theorizing is a must for practicioners and students of economics.